For Sale · Specialty

9 Covages Lane, Freshwater

9 Covages Lane, Freshwater, Newfoundland & Labrador A1Y1C6

$199,900 total

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Asset Class

Specialty

Size

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Building class

B

Zoning

DC2 — Site Specific

$ / SF

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Occupancy

88%

Year Built

1920

About this property

A Room With a View...Or maybe you fancy ALL rooms with a view. The 14 oh so worn windows in this 100 yr old saltbox, have a story to tell from every one. The never disappointing Ocean, Carbonear and Maiden Islands, trees of every kind, hills, a church, a cherub and a fairy forest ! But before you fall in love with this treasure, and before you are completely enchanted by this quaint seaside town called Freshwater...I have something to tell you. This imperfect piece of Newfoundland art needs an extensive renovation and restoration. But it's rich heritage and untouched original architecture, was such an inspiring canvas for my eclectic mix of family pieces, and my lifetime collection of salvaged and curated finds, I couldn't help myself from staging this old, forgotten beauty, so all could see it's unbelievable potential. The builder of this weathered soul was Benjamin Noel. I can only imagine he must have been a master of his craft, because his work is still standing so straight and solid, with a very level staircase and floors. A centre hall floor plan and formal dining room is lovely and functional. The almost unheard of 8 1/2 ft ceilings on the main floor is such a special feature. Most of the home is original. Ceilings, floors, wainscoting, doors, hardware, fireplace mantels, with updated reproduction light fixtures. Storage room can be converted to bathroom/laundry combination. Electrical upgraded years ago. Baseboards, 200 AMP. panel. Shingles and back porch roof, replaced 2025. Room to build a large ""old"" vintage barn, plus parking for several cars. Carbonear amenities and hospital, 10 minute drive. One hour 20 mins. from St. John's. If you want to leave the banality of new and perfect behind, in favour of a cottage waiting to emerge, please come visit ""Perry-Winkle Place"", and maybe you will be as inspired as I am. (id:66811)

Financial sandbox

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Estimate
Purchase price$200K
Down payment30% · $60K
Interest rate6.25%
Amortization25 years
Occupancy88%
Expense growth2.5%

Monthly debt service

$923

Projected NOI

$13K

Annual cash flow

$2K

Cash-on-cash

2.55%

DSCR

1.14

Going-in cap

6.31%

Figures are modelled from the listed price and asset class for illustration only. Verify all income, expenses, and financing terms independently before making an offer.

Area demographics

Trade area within 3 miles of the property.

Population

116,447

Households

54,615

Median income

$72,000

Median age

40.7

Daytime population

148,125

5-yr growth

8.8%

Modelled estimates for illustration until a licensed census data provider is connected.

Secure deal room

Confidential diligence documents for 9 Covages Lane, Freshwater.

NDA required
  • Offering Memorandum

    PDF · 4.2 MB

  • Rent Roll & T-12

    XLSX · 820 KB

  • Environmental Phase I

    PDF · 6.7 MB

  • Site Survey & Plans

    PDF · 11.4 MB

  • Zoning Confirmation Letter

    PDF · 310 KB

Preview experience — the electronic NDA is illustrative and is not a binding agreement.